We are advising Natura on the transaction

Davis Polk is advising Natura &Co in connection with the sale of Aesop to L’Oréal for an enterprise value of $2.525 billion. The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2023.

Natura &Co is a global, purpose-driven, multi-channel and multi-brand cosmetics group which includes Avon, Natura, The Body Shop and Aesop.

Aesop is an aspirational, luxury brand, that provides efficacious and sensorial products across multiple beauty and wellness categories, including hair, body, skin, home and fragrance. Since its creation in 1987, Aesop has delivered significant organic growth while maintaining its strong brand ethos and staying true to its core social and environmental values. Its global footprint of over 395 uniquely designed locations, elegant customer experience and purpose-driven approach have proven particularly attractive to a loyal and expanding community of customers, and the company is now well positioned to become a pioneer in the luxury beauty space.

For over 110 years, L’Oréal, one of the world’s leading beauty players, has devoted itself to fulfilling the beauty aspirations of consumers around the world.

The Davis Polk corporate team includes partner Daniel Brass, counsel William Tong and associates Dmitriy Molchanov and Chase Belford. Counsel Dominic Foulkes is providing tax advice. Partner Frank J. Azzopardi and associate Yana Kipnis are providing intellectual property advice. Partner Ronan P. Harty and counsel Matthew Yeowart and Nathan Kiratzis are providing antitrust and regulatory advice. Members of the Davis Polk team are based in the New York and London offices.